El Salvador announces purchase of 420 bitcoin, worth nearly $25 million

El Salvador's president, Nayib Bukele, said Wednesday that his government has purchased an additional 420 bitcoin, increasing the total amount bought to date to 1,120 BTC.

The fresh purchase is worth roughly $24.7 million at current prices, according to market data from TradingView. As of press time, bitcoin is currently trading on Coinbase at roughly $58.9K, per TradingView. 

The latest purchase comes more than a month after Bukele announced the purchase of 150 BTC, adding to the 550 BTC it bought previously. "We just bought the dip!" Bukele tweeted Wednesday, using a similar framing as the September 20 purchase event. 

Bitcoin became legal tender in El Salvador on September 7 following the passage of a law this summer.